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Unit 9 Business Operation Assignment Level 4

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Introduction

Business environment can be stated as process in which there are various internal and external factors which has direct impact on the operations of company. There are various kind of factors which are essential to introduce or innovate so that business can attain growth (Warner, 2018). Various factors are human resource, finance, raw materials and more. Company which is taken is Walmart which deals in retail sector industry. This mainly describes the the companies which are working in private and public sector. There is the impact of the customer along with team work on the business success which will be highlighted within report. Accounting necessity will also be discussed along with HR functions within this report.

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TASK 1

1.1 Importance of accounting for business success

For maintaining a business appropriately, an organization needs to get ready information about resources, covers exchanges, obligations, liabilities and the sky is the limit from there. This would help in breaking down whether businesses have picked up benefit or misfortune toward the finish of a period. Every one of these procedures are finished by accounts branch of an association (Doppelt, 2017). People related in this area do these exercises which are useful for the administration in basic leadership. The primary motivation behind bookkeepers in organizations are to get ready record of budgetary exchanges in methodical request. This would help relationship to discover their situation of business. In Walmart Organization, accounts division helps in recognizing and estimating the monetary data which helps in breaking down extent of value and obligation in a precise way. Alongside this, it help associations in assessing execution of business, influencing spending plan and in addition overseeing and checking the money to stream.

1.2 Functions of HR department

Crucial role is being played by the Human Resource sector which in turn define the structure and thus manages the whole business function. There are many of the people which are being attached with abilities of completing the work by improving the productivity for meeting up the demand in desired way. Below described are the functions for managing the work in described manner:

Compensation and Benefit: There are number of motivational factors which can be provided like rewards and compensation by the HR managers so that company can attain growth and success (Palattella and et. al., 2016). This will mainly help in making staff feel much more motivated and dedicated and thus this can mainly assist in getting retention for long tenure.

Training and Development: This kind of factor is highly essential for a company as there are certain needs of polishing skills of existing and new employees on regular basis. This will help in bringing sustainability within workplace.

Recruitment and Selection: This can be stated as one of the most essential function of manager which are being utilised for recruitment process within the Walmart company for fulfilling vacancies (Adjei and et. al., 2014).

1.3 Key features of employee legislation

There are numerous laws and legislations which are being formulated by the Govt. of UK for giving out safety to the employees in effective manner. Major motive of these kind of legislation is to remove the discrimination done on basis of gender, race, caste or religion (Omar, Leach and March, 2014). There are various kind of features which are mainly involved within this kind of segment which mainly secure the workers safety and thus look out for the wages which are being given. Hence, there are some of the regulatory bodies who has established laws like Employment Act, Sex discrimination and many more.

TASK 2

2.1 Accounting workshop

P&L Account for Walmart for the year 2017 are given below:

Income Statement

 

All numbers in thousands

 

Revenue

1/31/2017

Total Revenue

485873000

Gross Profit

124617000

Cost of Revenue

361256000

Operating Expenses

 

Research Development

-

Selling General and Administrative

101853000

Operating Income or Loss

22764000

Income from Continuing Operations

 

Total Other Income/Expenses Net

100000

Interest Expense

2367000

Earnings Before Interest and Taxes

22864000

Income Before Tax

20497000

Income Tax Expense

6204000

Minority Interest

2737000

Net Income

13643000

Dividend charges

-

Net Income Applicable To Common Shares

13643000

TASK 3

3.1 An analysis on determination of roles of team members

There are various kind of benefits which are being availed an individual like weaknesses presents are being minimised by sharing. This mainly provide help people in attaining work in effective manner in short period of time. There are various kind of skills and abilities which can be enhanced so that certain aims and objectives in proper way. Being the part of the team, there are many kind of benefits which I have availed in certain tenure like commitment towards the work along with high level of satisfaction in integrated manner (Petro and Gardiner, 2015). There are certain abilities also which I have gained. Moreover, I have mainly observed from the aspect of authority that within workplace, team work helps in making goals to accomplish. Along with this, evaluation is being done by the group manager for making the objectives clear and thus adopt the proper leadership in order to gain commitment of every kind of team member.

3.2 Team Development

It is highly essential for the company like Walmart and for this company, developing team is an essential task in order go improve production and profit ratios. Below described are the stages which needs to be understood by the managers:

Forming: This can be stated as a starting stage for the team development which mainly includes the determination of employees for the attainment of business goals.

Storming: This is the second stage which mainly involves the activity of brainstorm along with roles and responsibilities for the members (Reim, Parida and Örtqvist, 2015).

Norming: In this kind of stage, there are the group people who have started learning regarding bringing innovative ideas along with solutions and collaborating it with others. Moreover, this in turn can mainly improve the relations by reducing the conflicts in better way.

Performing: When the group activities happens, there is the stage which can be understood the part role in common tasks.

When these kind of stages are being performed, group leader is being needed for having some kind of skills in order to bring motivation (Amit and Zott, 2015). Within Walmart company, there are some kind of theories for motivation like Maslow's needs Hierarchy, Herzberg's two-factor and Alderfer's ERG Theory. These kind of theories will help out in for discovering the employee's needs and thus providing high level of satisfaction.

3.3 Need of leadership and motivational style in context with different situations

There are some kind of motivational factors which needs to be bough within an organisation so that various kind of ongoing modifications can be dealt with. There are issues within company which has arise from regular operations along with some kind of barriers. Hence, managers needs to bring motivational factors along with acceptance for changes (Dijkman and et. al., 2015). Each and every kind of individual whom level of performance can be judge by leadership skills. This in turn will help out in innovating techniques so that minimising of weaknesses can be done effectively.

3.4 The way leadership style and motivational skills are used to influence workers

There are number of issues within the Walmart company on the regular basis within workplace. Hence, for creating solution it is being needed to adopt skills related to motivation and leadership. This in turn will help in bringing motivation within workers. Example can be taken up of companies who has introduced latest innovative technology within the process and thus by the help of Maslow theories which in turn can mainly influence for the objectives (Goldratt, 2017). Along with this, motivation can be given for being flexible for modifications adoption when resistivity of employees are being raised

Conclusion

From the above report, it has been concluded that there are some of the environmental factors which needs to be evaluated so that business can be operated in both private and public sector. This in turn will help out in conduction of operations along with process. Moreover, in this report it has been evaluated that customers should get effectual services in order to retain them for long period of time.

References

  • Warner, K., 2018. Building rules: How local controls shape community environments and economies. Routledge.
  • Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge.
  • Palattella, M. R., and et. al., 2016. Internet of things in the 5G era: Enablers, architecture, and business models. IEEE Journal on Selected Areas in Communications. 34(3). pp.510-527.
  • Adjei, H., and et. al., 2014. Assessing the Corporate Social Responsibility Activities of Atwima Kwawoman Rural Bank Limited and its Impact on the Communities it Operates. European Journal of Business and Innovation Research. 2(4). pp.36-47.
  • Omar, A.T., Leach, D. and March, J., 2014. Collaboration between nonprofit and business sectors: A framework to guide strategy development for nonprofit organizations. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations. 25(3). pp.657-678.
  • Petro, Y. and Gardiner, P., 2015. An investigation of the influence of organizational design on project portfolio success, effectiveness and business efficiency for project-based organizations. International Journal of Project Management. 33(8). pp.1717-1729.
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